On makes bold football entry with Mbappé equity deal
On has made its first move into football by signing Kylian Mbappé from Nike and giving the Real Madrid striker equity in the Swiss sportswear company, positioning him as the centrepiece of a push into football boots that will also be led by Thierry Henry.
Swiss sportswear group On has entered football by signing Kylian Mbappé away from Nike, giving the Real Madrid forward equity and making him the central figure in its push into football footwear and apparel.Mbappé had been with Nike since childhood, but will now work directly with On’s product teams on the development and testing of boots and other football products as well as serving as a global ambassador.Mbappé said: “From the beginning, what drew me to On was the opportunity to build something entirely new together that will help shape tomorrow’s game.“I want to bring my experience and perspective into what we create, push what’s possible through innovation, and always stay true to the joy of football. We have a shared dream, and this is only the beginning.”The deal represents one of the most aggressive athlete acquisitions in On’s history and gives the brand an immediate global face as it challenges established football suppliers including Nike, adidas and Puma.On is expected to launch its football boots commercially in 2027, positioning them as premium products.Mbappé’s equity component also follows a broader trend of elite athletes seeking ownership and greater product influence rather than operating solely under traditional endorsement agreements.Roger Federer joined On as an investor in 2019 and helped accelerate the company’s expansion in tennis, where its athlete roster now includes Iga Świątek and Ben Shelton.On has also appointed Thierry Henry as Director of Football after the former Arsenal and France forward worked behind the scenes on the project since 2025.Henry said: “Building something new in football requires a bold and original approach. Over the past year, I’ve seen first-hand the curiosity and attention to detail the team at On brings to that process.“We want to listen to players, understand what they need and create something that can genuinely add to the game. I’m proud to be part of shaping what comes next.”Barcelona and Switzerland midfielder Sydney Schertenleib, who joined On in 2025, will also expand her relationship with the company into football boots and product development.On generated net sales of £2.73bn in 2025, up 30% year on year, as it continued expanding beyond its original running category.Founder and co-chief executive David Allemann said: “Football doesn’t need another sportswear brand to do more of the same. Football needs new ideas and a challenge to what is possible.”Signing Mbappé gives On immediate credibility and visibility in football, while the combination of athlete equity, product involvement and Henry’s leadership suggests the company is building a long-term category strategy rather than testing football through a conventional endorsement deal.